Accounting 401: Federal Individual Income Taxation
Fall2013, D-203
Thomas C. Pearson,Professor,Univ. of Hawaii
School of Accountancy,ShidlerCollege of Business
2404MaileWay
Honolulu, HI 96822 / Office:ShidlerD306
Telephone: (808) 956-7591
Secretary: (808) 956-7332
Email:
OFFICE HOURSin Room D201:
Wednesday 3:00 pm - 5:30 pmand Friday 3:00-3:30 pm.
Other times before exams, by appointment, or subject to availability.
E-mail or Discussion on course bulletin boards is also encouraged.
COURSE DESCRIPTION:
Examines federal income tax concepts, such as property transactions and their impact forbusiness decisions.Promotes critical thinking.
Pre: Acc. 202 or Business 610.This is a writing intensive course.
COURSE OBJECTIVES*:
1) Developing competency in basic tax concepts for federal income taxation.
a. Measuring gross income, deductions, and other items necessary for tax reporting.
b. Building on the objectives listed for each chapter in the text.
c. Learning basic tax research skills to find relevant statutory and regulatory authorities.
d. Developing the art of careful reading for mastery of some tax law complexities.
e. Reporting tax compliance through exposure to individual tax returns.
2) Improving writing for business, accounting, and tax.
a. Drafting useful client letters.
b. Writing issue statements to include critical facts and precise authority.
c. Discussing relevant law with clarity, logical organization, and proper English
d. Applying the law by integrating facts and law in each sentence.
e. Replacing the passive voice with the active voice.
3)Extending broad business competencies, through critical thinking.
a. Communicating clearly through active listening, class interaction, and writing.
b. Demonstrating problem solving and decision-making skills on the exams and papers.
c. Displaying professional management in completing assignments
effectively,efficiently, and timely.
d. Using creativity and good business judgment in reducing tax costs.
e. Developing assertiveness.
4) Enhancing one's competencies by using technology by using the course web site,searchingelectronic databases, downloading info from the Web, and utilizing tax software.
COURSE MATERIALS:
1. South-Western Federal Taxation: Individual Income Taxes (2014ed.).
Your choice as to electronic or hardcopy.
2. Acquire access to tax software (any tax software is ok).
3. Please read lecture previews from Acc 401 course website on Laulima. Bring a copy of Acc 401 lecture previews (hardcopy or electronic) to class to assist in taking notes.
TEACHING METHODS:
The course follows the syllabus order. Much of the class time will consist of lectures, duringwhich students are frequently called upon to apply tax law to a set of facts or to answer homework questions.
This course will include various types of problems, such as calculations,
issue recognition, tax planning, research assignments, and discussions.
This course requires considerable effort and writing.
The work is challenging, but valuable.
TENTATIVE SCHEDULEFOR TOPICS & READING ASSIGNMENTS:
Minor changes may be made in the course content as the semester progresses.
Code sections and tax forms are listed in the lecture material.
*Additional problems from the text may be assigned during the course of the semester.
Assignment DUE before class
1 / W 8/28 / Introduction to Course, Website, and Income Tax / Ch 1
F 8/30 / Tax Research and Writing / Ch 2 / Class in Computer Lab E-102
2 / W 9/4 / Tax Determination / Ch 3 / CH 2: 6, 18, 32, 33, 34, 40, 43, rp 2, rp 4, rp 11
F 9/6 / Problemsand Writing / Ch4 / CH 3: 3, 4, 8, 10, 22, 29, 30, 31, 32, 34, 41, 54
3 / W 9/11
F 9/13 / Gross Income and
more on Writing / Ch5 / CH 4: 5, 11, 19, 28, 31, 37, 39, 41, 45, 54, 55, 56, 59
H1submitvia the web: CH 2-4
4 / W 9/18 / Exclusions / PAPER 1 DUE:ch2 rp 9
F 10/20 / Exclusions & Ethics/Review / CH 5: 3, 5, 8, 14, 16, 22, 24, 30, 32, 34, 36, 43, 46, 48, 56, 59
5 / W 9/25 / Problems / H2 submitvia the web: ch5
and Study for Quiz 1
F 9/27 / Review for Exam
6 / W 10/2 / EXAM 1 / Study for Exam I (Ch 1-5)
F 10/4 / Deductions / Ch 6 / CH 6: 4, 17, 19, 24, 25, 34, 41, 42, 56, 60, 61
7 / W 10/9 / Business Expenses / Ch 7 / PAPER 2 DUE:ch5- r4
F 10/11 / Deductionsand Limits / Ch 9 / CH 7: 7, 20, 32, 36, 37, 47, 50, 51, 59
8 / W 10/16 / Problems / H3ch6-7 and Study for Quiz 2
F 10/18 / ItemizedDeduction / Ch 10 / CH 9: 4, 19, 27, 31, 34, 37, 41, 46, 49, 52, 53
9 / W 10/23 / Problems / CH 10: 2, 10, 13, 19, 24, 25, 28, 30, 33, 35, 41, 43, 45
F 10/25 / Review for Exam
10 / W 10/30 / EXAM 2 / Study for Exam II
F 11/1 / Property Transactions / Ch 14 / CH 14: 5, 8, 16, 29, 31, 33, 38, 44, 47, 48
11 / W 11/6 / Depreciation / Ch 8 / PAPER 3 DUE: TBA
F 11/8 / Character
- 1231 Property / Ch16
/ CH 8: 4, 19, 22, 29, 33, 34, 35, 38, 46, 59, 62
12 / W 11/13 / Problems / Ch 17 / CH 16: 19, 22, 25, 36, 37, 44, 51 H4:ch9, 10, 8, and 14
F 11/15 / NonrecognitionTransactions / Ch 15 / CH 17: 14, 16, 21, 31, 32, 41, 42, 57
13 / W 11/20 / Problems / CH 15: 3, 6, 8, 10, 21, 28, 31, 36, 40, 41, 42, 45, 53,
Study for Quiz 3
F 11/22 / Review for Exam
14 / W 11/27 / EXAM 3 / Study for Exam III:ch8 and 14-17
15 / W 12/4 / Passive Activities / Ch 11 / PAPER 4 DUE:TBA
F 12/6 / Introduction to AMT / Ch 12 / CH 11: 28, 32, 41, 43, 48, 54, 55
CH 12: 47, 50, 58, 62, 64
16 / W 12/11 / Tax Credits
Review for Final Exam / CH 13 / CH 13: 14, 18, 35, 38, 45
Graduate Student Paper due:
ch18 rp 4
17 / F 12/20 / FINAL EXAM
@ 2:15- 4:15 / Study for Final Exam
COURSE GRADES:
Grades are based on a strict 90%-A range, 80%-B range,70%-C range, 60%-D range scale, modified by +/- grading.
If the grade results on an exam are very low, however,
I reserve the option to provide everyone with a take-home supplement or slightly curve.
210
100
40
160
20
60
10 / Regular exams (70 points per exam)
Final exam (comprehensive and open book)
Quizzes
Tax research papers and client cover letters (40 each)*
Class participation (volunteer quality answers)**
Regular homework (4 x 15 points each)
Final Tax Return
600 / TOTAL MAXIMUM POINTS
*WRITING INTENSIVE REQUIREMENT:
Students must adequately complete all writing assignments to pass the course with a D grade or better.Students who do not complete all writing assignments will get a D- or
an F and will not earn W focus credit.
**GRADUATE STUDENTS:
Students applying this course towards a graduate degree must complete an additionaltax research paper that passes graduate standards.
EXAMS:
1) Each exam is closed book, except (1) 3” x 5” notecard is allowed for the 3rdexam and(2)the final exam is open-book, open-notes.
2) Each exam may consist of problems, short answers, and essay questions.
3) If an exam is missed without prior approved arrangements, then written approval fromthe Dean’s Office is required for a make-up exam or use of grade averaging.
4) Grade appeal process: Timely written appeals are required.The student has the burden of proof to present convincing supporting rationale.
QUIZZES:
The in-class quizzes are closed book. The quizzes are designed to encourage studentsto review material covered during the prior weeks of the course. If one misses a quiz,a written medical excuse or Dean's excuse is needed to substitute one’s quiz average.
RESEARCH PAPERS:
Each research paper will require four pages: two pages of typed, double spaced answers, one page for the client cover letter, and one page of self analysis which may include an explanation for how the answer was located, challenges faced, questions still remaining.
Your ability to communicate effectively will affect the grade. TheAICPA's six characteristics of effective writing are: (1) cogent organization, (2) conciseness, (3) clarity, (4) use of standardEnglish, (5) responsiveness, and (6) appropriateness for the reader.Tax research is a required skill for the CPA exam.
Each research paper will require using a tax service to locate relevant authorities.Tax information may be found in Checkpoint, a database onUH-Manoa Hamilton Library’s website: library.manoa.hawaii.edu
CLASS PARTICIPATION:
Businesses and Accounting firms have asked the SOA faculty to help make the students more assertive.Class participation points encourage assertiveness and good communication skills.
The grading for in-class participation will use the following guidelines:
16 points = satisfactory participation when called upon
12 points = participation needs work
HOMEWORK:
Students are encouraged to work with other students on the homework assignments.
Students are not permitted to divide the work and just copy from each other.
Changes cannot be made after an assignment is submitted.
Each homeworkis graded both on apparent effort and accuracy.
Completing the homework on a timely basis is required in an electronic world.
Only after the electronic assignment box closes are the solutions released on the course website for one to check.
ATTENDANCE POLICY:
The classroom experience is a vital portion of the learning process for this course. Attendance is required to the same extent as if one was working for a professional services firm. Lack of regular attendance reduces the in-class participation score. Unlike a pure distance education course, this class is partially designed to provide experiential learning through classroom exercises for which there is no textbook substitute.
HONOR CODE:
“The University expects students to maintain standards of personal integrity that are in harmony with the educational goals of this institution; to respect the rights, privileges, and property of others; and to observe national, state, and local laws and University regulations.”
One may not obtain info about an exam from someone who has already taken it.
Do not copy from another person's exam.
Do not use unauthorized assistance during an exam.
Please do not remove an exam from the room without permission.
Please do not create even the appearance of violating the honor code through roving eyes during an exam!
The research papers must represent your own work.
Please do not fail to cite sources of material that you have quoted
or substantially paraphrased. Strictadherence toShidlerpolicies areneeded.
EXTENDED ADVISINGASSISTANCE AT SOA, SHIDLER, and UHM:
Computer Assistance:UH Information Technology Services and ShidlerComputer LabsLibrary Assistance:Hamilton Library
Writing / Learning Assistance:UHM Department of English - Writing Center; Manoa Writing Program (see resources – Capital Community College for grammar and usage)
Advising (academic orMAcc):ShidlerOffice of Student Academic Services
Careers:ShidlerandUHM Career Services, Beta Alpha PsiandAccounting Club,
State CPA Licensing Boards of Accountancy, and Linkedin.com
Financial Aid Assistance:UHM Financial Aid Services
Response /Referral / Disability Related Services:Student Services at UHMandStudent
Services for International Students;UHM KOKUA Program(to acquire reasonable accommodations for a disability).
Safety Concerns on Campus:UHM Campus Security (956-6911)
WITHDRAWL:
The last chance to withdraw with a “W” appearing in an upper division business course is Monday September 16th before 4:00 p.m.
CLASS LOCATION IN CASE OF EMERGENCIES:
The emergency class site is on the steps down to George Hall out of the Shidler E-Tower.